Servicer’s Certificate

for the Collection Period January 01, 2024 through January 31, 2024

for Payment Date of February 20, 2024

Toyota Lease Owner Trust 2023-A

Toyota Lease Capital, LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Collection Period		31				30/360 Days		30
Interest Accrual Period		29				Actual/360 Days		29

 

 

Notes		Initial   Principal   Balance		Final   Scheduled   Payment Due		Beginning   Principal   Balance		Beginning   Note   Factor		Priority Principal   Distribution   Paid		Regular Principal   Distribution   Paid		Ending   Principal   Balance		Ending   Note   Factor
A-1		$141,000,000.00		04/22/2024		$0.00		0.0000		$0.00		$0.00		$0.00		0.0000
A-2		$468,000,000.00		08/20/2025		$337,734,067.65		0.7217		$0.00		$28,394,890.44		$309,339,177.21		0.6610
A-3		$468,000,000.00		04/20/2026		$468,000,000.00		1.0000		$0.00		$0.00		$468,000,000.00		1.0000
A-4		$123,000,000.00		08/20/2027		$123,000,000.00		1.0000		$0.00		$0.00		$123,000,000.00		1.0000
Total		$1,200,000,000.00				$928,734,067.65				$0.00		$28,394,890.44		$900,339,177.21		0.7503

 

Notes		Interest Rate		Interest    Distributable    Amount		Prior   Interest   Carryover		Interest   Distribution   Amount		Current   Interest   Carryover		Total   Principal &    Interest Distribution
A-1		5.3880%		$0.00		$0.00		$0.00		$0.00		$0.00
A-2		5.3000%		$1,491,658.80		$0.00		$1,491,658.80		$0.00		$29,886,549.24
A-3		4.9300%		$1,922,700.00		$0.00		$1,922,700.00		$0.00		$1,922,700.00
A-4		5.0500%		$517,625.00		$0.00		$517,625.00		$0.00		$517,625.00
Total				$3,931,983.80		$0.00		$3,931,983.80		$0.00		$32,326,874.24

 

 

		Initial Balance				Beginning Balance				Ending Balance
Overcollateralization			$232,914,189.44				$232,914,189.44				$232,914,189.44
Total Securitization Value			$1,432,914,189.44				$1,161,648,257.09				$1,133,253,366.65
NPV Lease Payment Receivable			$618,645,780.65				$361,389,814.45				$336,665,251.13
NPV Base Residual			$814,268,408.79				$800,258,442.64				$796,588,115.52
		Amount				Percentage
Initial Overcollateralization (1)			$232,914,189.44				16.25%
Overcollateralization Target (1)			$232,914,189.44				16.25%
Current Overcollateralization (2)			$232,914,189.44				20.55%
Reserve Account
Beginning Balance			$3,582,285.47
Reserve Account Draw Amount			$(3,582,285.47)
Amount Available for Deposit			$39,953,118.53
Amount Deposited to the Reserve Account			$3,582,285.47
Reserve Account Target Amount			$3,582,285.47
Reserve Account Release to Seller			$0.00
Ending Reserve Account Amount			$3,582,285.47
(1) Percentage calculated is based on the Aggregate Securitization Value as of the initial Cut -off Date
(2) Percentage calculated is based on the Aggregate Securitization Value as of the latest Collection Period

 

Page 1 of 6

Servicer’s Certificate

for the Collection Period January 01, 2024 through January 31, 2024

for Payment Date of February 20, 2024

Toyota Lease Owner Trust 2023-A

Toyota Lease Capital, LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Collection Period		31				30/360 Days		30
Interest Accrual Period		29				Actual/360 Days		29

 

 

Lease Payments Received			$23,901,377.69
Net Sales Proceeds - Early Terminations			$16,626,717.34
Net Sales Proceeds - Scheduled Terminations			$227,159.95
Excess Wear and Tear Received			$0.00
Excess Mileage Charges Received			$990.29
Aggregate Net Liquidation and Recovery Proceeds			$514,611.80
Optional Purchase Price			$0.00
Additional Loss Amounts			$0.00
Reallocation Payments			$0.00
Total Collections			$41,270,857.07
Reserve Account Withdrawal			$3,582,285.47
Total Available Collections			$44,853,142.54

 

 

				Calculated Amount								Amount Paid								Shortfall
(i)		Total Servicing Fee, Net of Supplemental Servicing Fee			$968,040.21								$968,040.21								$0.00
(ii)		Owner Trustee Fee & Other Admin Facility Fees
		Indenture Trustee			$0.00								$0.00								$0.00
		Owner Trustee			$0.00								$0.00								$0.00
		Securities Intermediary			$0.00								$0.00								$0.00
(iii)		Note Interest Amount - Class A-1 Notes			$0.00								$0.00								$0.00
		Note Interest Amount - Class A-2 Notes			$1,491,658.80								$1,491,658.80								$0.00
		Note Interest Amount - Class A-3 Notes			$1,922,700.00								$1,922,700.00								$0.00
		Note Interest Amount - Class A-4 Notes			$517,625.00								$517,625.00								$0.00
(iv)		Priority Principal Distribution Amount			$0.00								$0.00								$0.00
(v)		Reserve Account Deposit			$3,582,285.47								$3,582,285.47								$0.00
(vi)		Regular Principal Distribution Amount			$28,394,890.44								$28,394,890.44								$0.00
(vii)		Additional Transaction Fees and Expenses			$0.00								$0.00								$0.00
(viii)		Excess Amounts Distributed to Certificateholder			$7,975,942.62								$7,975,942.62								$0.00

 

Page 2 of 6

Servicer’s Certificate

for the Collection Period January 01, 2024 through January 31, 2024

for Payment Date of February 20, 2024

Toyota Lease Owner Trust 2023-A

Toyota Lease Capital, LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Collection Period		31				30/360 Days		30
Interest Accrual Period		29				Actual/360 Days		29

 

 

		Credit Loss		Current
		Current Month Liquidated Leases			18
		Securitization Value of Defaulted Leases - Beginning of Period			$548,786.80
		Securitization Value of Reallocated Contracts, Previously Charged-off			$0.00
		Net Liquidation Proceeds			$0.00
		Recoveries on Previously Liquidated Contracts			$514,611.80
		Net Credit Losses for the Collection Period			$34,175.00
		Cumulative Net Credit Loss			$3,133,802.84
		Cumulative Net Credit Loss as % of Initial Securitization Value			0.2187%
		Preceding Period Ratio			0.2163%
		Second Preceding Period Ratio			0.1786%
		Residual Gain/(Loss)		Current
		Securitization Value of Scheduled and Early Terminations - Beginning of Period (adjusted)			$14,288,867.14
		Sale Proceeds and Other Payments Received During the Period			$16,854,867.58
		Current Residual Gain/(Loss)			$2,566,000.44
		Cumulative Residual Gain/(Loss)			$27,792,003.17
		Cumulative Residual Gain/(Loss) as % of Aggregate Initial Securitization Value			1.9395%
		Preceding Period Ratio			1.7605%
		Second Preceding Period Ratio			1.5940%

 

 

				Initial				Prior Period				Current Period
		Securitization Value			$1,432,914,189.44				$1,161,648,257.09				$1,133,253,366.65
		Number of Contracts			47,881				43,174				42,607
		Pool Factor			1.0000				0.8107				0.7909
		Weighted Average Remaining Term (months)			27.82				18.07				17.12
		Aggregate Base Residual Value			$1,039,869,534.36				$935,594,919.33				$923,364,002.83
		Undiscounted Lease Balance			$1,742,998,384.84				$1,330,787,380.85				$1,290,243,049.26
		Cumulative Turn In Ratio - Terminated Units			N/A				2.80%				2.77%
		Number of Reallocated Contracts			N/A				1				0

 

Page 3 of 6

Servicer’s Certificate

for the Collection Period January 01, 2024 through January 31, 2024

for Payment Date of February 20, 2024

Toyota Lease Owner Trust 2023-A

Toyota Lease Capital, LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Collection Period		31				30/360 Days		30
Interest Accrual Period		29				Actual/360 Days		29

 

 

				Percentage				No. of Leases				Percentage				Balance
		30-59 Days Delinquent			1.03%				440				1.10%				$12,430,313.15
		60-89 Days Delinquent			0.26%				112				0.29%				$3,255,980.39
		90-119 Days Delinquent			0.07%				31				0.08%				$923,476.39
		120 or More Days Delinquent			0.00%				0				0.00%				$0.00
		Total Delinquencies							583								$16,609,769.93

 

 

				Amount				Number of Contracts
		Early Terminations		$	14,173,738.52				540
		Scheduled Terminations			$192,446.51				9

 

 

				Interest		Per $1000 of		Principal		Per $1000 of		Amount		Per $1000 of
				Distributed		Original Balance		Distributed		Original Balance		Distributed		Original Balance
		Class A-1 Notes		$0.00		$0.00		$0.00		$0.00		$0.00		$0.00
		Class A-2 Notes		$1,491,658.80		$3.19		$28,394,890.44		$60.67		$29,886,549.24		$63.86
		Class A-3 Notes		$1,922,700.00		$4.11		$0.00		$0.00		$1,922,700.00		$4.11
		Class A-4 Notes		$517,625.00		$4.21		$0.00		$0.00		$517,625.00		$4.21

 

Page 4 of 6

Servicer’s Certificate

for the Collection Period January 01, 2024 through January 31, 2024

for Payment Date of February 20, 2024

Toyota Lease Owner Trust 2023-A

Toyota Lease Capital, LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

EU and UK Risk Retention Compliance Confirmation

Toyota Motor Credit Corporation (“TMCC”) hereby confirms its continued compliance, as of the date of this Servicer’s Certificate, with its agreements in the SUBI Certificate Transfer Agreement, dated April 18, 2023, between TMCC, as seller, and Toyota Lease Capital LLC (the “Depositor”), as purchaser, and with reference to EU Securitization Rules and the UK Securitization Rules as in effect and applicable on April 4, 2023, to: (a) in its capacity as an “originator” for purposes of the EU Securitization Regulation and the UK Securitization Regulation, retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal value of each of the tranches sold or transferred to investors within the meaning of paragraph 3(a) of Article 6 of the EU Securitization Regulation and paragraph 3(a) of Article 6 of the UK Securitization Regulation (the “SR Retained Interest”), by retaining, either directly or indirectly through the Depositor (its wholly-owned subsidiary that is a special purpose entity and not an operating company), at least 5% (by aggregate initial principal amount) of each class of the Notes; (b) not sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the SR Retained Interest or subject it to any credit risk mitigation or hedging, except to the extent permitted by the EU Securitization Rules and the UK Securitization Rules, in each case as in effect at the time of such hedging, mitigation, sale, transfer or surrender; and (c) not change the retention option or method of calculating its SR Retained Interest while any of the Notes are outstanding, except in accordance with the EU Securitization Rules and the UK Securitization Rules, in each case as in effect at the time of such change.

For purposes of the immediately preceding paragraph: (a) “EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017, laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization and amending certain other EU directives and regulations as amended; (b) “UK Securitization Regulation” means the EU Securitization Regulation, as applicable on December 31, 2020, which was retained as part of the domestic law of the United Kingdom pursuant to The European Union (Withdrawal) Act 2018, as amended (the “EUWA”), and was amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, as so retained and so amended and as further amended from time to time; (c) “EU Securitization Rules” means the EU Securitization Regulation (as amended), together with all relevant regulatory implementing regulations in relation thereto, all regulatory standards and/or implementing technical standards in relation thereto or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation, and in each case, any relevant guidance and directions published in relation thereto by the European Banking Authority or the European Securities and Markets Authority or the European Insurance and Occupational Pensions Authority (or, in either case, any predecessor or any other applicable regulatory authority) or by the European Commission, in each case as amended and in effect from time to time; and (d) “UK Securitization Rules” means the UK Securitization Regulation (as amended), together with (i) all applicable binding technical standards made under the UK Securitization Regulation, (ii) any European Union regulatory technical standards or implementing technical standards relating to the EU Securitization Regulation (including without limitation such regulatory technical standards or implementing technical standards which are applicable pursuant to any transitional provisions of the EU Securitization Regulation) forming part of United Kingdom domestic law by operation of the EUWA, (iii) all relevant guidance, policy statements or directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published by the Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors), (iv) any guidelines relating to the application of the EU Securitization Regulation which are applicable in the United Kingdom, (v) any other transitional, saving or other provision relevant to the UK Securitization Regulation by virtue of the operation of the EUWA and (vi) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Regulation, in each case as may be further amended, supplemented or replaced from time to time.

 

Page 5 of 6

Servicer’s Certificate

for the Collection Period January 01, 2024 through January 31, 2024

for Payment Date of February 20, 2024

Toyota Lease Owner Trust 2023-A

Toyota Lease Capital, LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

I hereby certify to the best of my knowledge that the report provided is true and correct.

 

/s/ Stephen Bishop

Name:  Stephen Bishop

Title:  General Manager - Treasury

 

Page 6 of 6